An industry spokesperson has hit out at claims that providers of
A report from consumer watchdog Which? said that most
But Paul Rodford, head of policy at the UK Cards Association, argued that the current average interest charged by companies is “well beneath” that seen at its peak of 22.9 per cent in 1995.
And he noted that sixty per cent of customers pay off their monthly balances in full, meaning they are unaffected by interest rate or APR changes.
Mr Rodford explained that charges on
He commented: “It’s a feature of our very competitive marketplace that card deals change all the time.”